Investor Group Balks At Fairmont $29M Note Acceleration

Law360, New York (December 9, 2011, 2:36 PM EST) -- An investor group's attorney told a New York state judge Thursday that affiliates of Fairmont Hotels & Resorts Inc. reneged on a deal to manage two Acapulco hotels and thus can't demand immediate payment on $29 million in notes.

The dispute centers on $29 million in notes from Fairmont affiliates that affiliates of the investor, PAC Investors LLC, took on when it acquired the Fairmont Acapulco Princess and the Fairmont Pierre Marques hotels in Acapulco and the Fairmont Hamilton Princess hotel in Bermuda in 2007. The...
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